The group is receiving the award for creating music "that is so physical and furious, and yet still so accessible," and helping "millions of listeners to transform their sense of alienation into a superpower." Read the Polar Prize Organization's full statement below:

"The 2018 Polar Music Prize is awarded to the American band Metallica. Not since Wagner's emotional turmoil and Tchaikovsky's cannons has anyone created music that is so physical and furious, and yet still so accessible. Through virtuoso ensemble playing and its use of extremely accelerated tempos, Metallica has taken rock music to places it had never been before. In Metallica's world, both a teenage bedroom and a concert hall can be transformed into a Valhalla. The strength of the band's uncompromising albums has helped millions of listeners to transform their sense of alienation into a superpower."

"It puts us in very distinguished company. It's a great validation of everything that Metallica has done over the last 35 years," drummer Lars Ulrich said. "At the same time, we feel like we're in our prime with a lot of good years ahead of us."

Frontman James Hetfield added: "As myself and as Metallica I'm grateful to have this as part of our legacy, our history."

The band will also receive a£90,000 prize which they will donate to their All Within My Hands Charity.

When not winning "Nobel Prizes," frontman James Hetfield is starring alongside Zac Efron in the Ted Bundy biopic.